$100 Million Settlement Reached in Healthcare Co. Novo Nordisk Securities Class Action

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Novo Nordisk Class Action Settlement Overview:

• Why: Novo Nordisk wanted to avoid further litigation regarding its alleged securities law violations.
• Who: Novo Nordisk reached a $100 million class action settlement .
• Where: The class action lawsuit was filed in New Jersey federal court.

Novo Nordisk agreed to a $100 million settlement of a class action lawsuit that accused the Denmark-based global healthcare company and its top former executives of violating US securities laws. 

The settlement, which is still subject to court approval, was reached after a voluntary mediation process. In it, Novo Nordisk and the accused executives receive a full release in connection with the lawsuit’s allegations, and do not admit to liability, wrongdoing, or responsibility. The company maintains that the class action lawsuit’s claims are “without any merit,” but agreed to the settlement to  “avoid the burden, inherent risk and expense of further litigation.”

The $100 million payment, covered by Novo Nordisk’s insurance, will cover all the plaintiffs’ attorneys fees, expenses, and settlement costs. The money will be paid into a settlement fund and distributed among plaintiffs. 

Novo Nordisk Class Action Lawsuit

The class action lawsuit was filed in January 2017 on behalf of shareholders who bought American Depository Receipts between Feb. 3, 2015 and Feb. 2, 2017.

The company is currently facing another class action lawsuit from a group of New York clinics that claim four major pharmaceutical companies – Sanofi, Eli Lilly, Novo Nordisk and AstraZeneca  – conspired to cause insulin price increases for poor and underserved patients.  

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The plaintiffs are represented by Bernstein Litowitz Berger & Grossmann LLP, Carella Byrne Cecchi Olstein Brody & Agnello PC, Seeger Weiss LLP, Robbins Geller Rudman & Dowd LLP and Saxena White PA.

The Novo Nordisk Class Action Lawsuit is Lehigh County Employees’ Retirement System v. Novo Nordisk A/S et al., Case No. 3:17-cv-00209, in the U.S. District Court for the District of New Jersey. 

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